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Hasbro: Toys
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Hasbro closed out the decade and century with a number of successful lines. In 1998, one of the decade's most popular and innovative toys was introduced. FURBY, a cuddly animatronic pet with a very spunky "personality," had children begging their parents for one during the holiday season. Furby was a true craze with adults waiting in line as new shipments were delivered! More than 40 million FURBY toys were sold in three years!
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In the late 1980s, Alan Hassenfeld had spearheaded an effort to increase Hasbro's international sales, primarily by taking toys that failed in the U.S. market and remarketing them overseas at prices as high as four times their original prices. He had helped increase international sales from $268 million in 1985 to $433 million in 1988. So it was not surprising that as chairman he would push to increase Hasbro's international presence. He did just that in 1991, establishing operations in Greece, Hungary, and Mexico.
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Two of Hasbro's brands will celebrate major anniversaries in 2004. G.I. JOE, the toy industry's first action figure, will celebrate its 40th anniversary by introducing a new adventure-VALOR VS. VENOM-and the 40th Anniversary Collection. And, TRANSFORMERS will mark its 20th anniversary as the legendary kids' and collector favorite.
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Under the proposed consent agreements to settle these allega- tions, announced today for public comment, Hasbro and Griffin Bacal would be prohibited from misrepresenting any performance characteristic of any toy they manufacture or promote. In addi- tion, in connection with any demonstrations or tests they use in advertising or packaging for toys, Hasbro and Griffin Bacal would be prohibited from falsely representing that the demonstration or test proves or confirms any material feature of the toy. For instance, the settlements would prohibit such representations when the demonstration or test:
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Hasbro showed off its entire upcoming Nerf line at Toy Fair, including more about the fabled Nerf Wii blaster revealed last week. No longer just a photo and some passing speculation, the Nerf-branded Wii peripheral now has a name and even more details.
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The FTC ... announced a related complaint and settlement agreement naming Hasbro, that were filed in federal court. The complaint charges in part that Hasbro engaged in the alleged law violations described above with knowledge of the FTC's deter- mination in a previous toy-advertising case that it is unfair, deceptive and unlawful to misrepresent the performance of any toy. Specifically, the complaint states, Hasbro was notified in 1976 of the FTC's previous determination and told that businesses which engaged in such misrepresentations could be held liable for the payment of civil penalties. Then in 1978, the complaint states, Hasbro paid a $40,000 civil penalty as part of a settlement of FTC charges that it misrepresented the performance of two of its toys, despite knowledge of this determination.
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